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Gencor Releases First Quarter Fiscal 2014 Results

Stock quotes in this article: GENC

ORLANDO, Fla., Feb. 7, 2014 (GLOBE NEWSWIRE) -- Gencor Industries, Inc. (Nasdaq:GENC) announced today net revenues for the quarter ended December 31, 2013 of $10.0 million, a 102.5% increase over the $4.9 million in net revenues for the quarter ended December 31, 2012. Gross margin increased to 15.3% for the quarter ended December 31, 2013 from 8.4% for the quarter ended December 31, 2012. Selling, general and administrative expenses decreased $225,000 to $1,734,000 for the quarter ended December 31, 2013. Operating loss for the quarter ended December 31, 2013 was $(0.6) million, compared to an operating loss of $(2.0) million for the quarter ended December 31, 2012.

The Company's first quarter is usually the lowest in revenues and income recognition due to the cyclicality of our industry whereby during this quarter contractors tend to place orders for equipment for Spring delivery. Thus, our Engineering and Manufacturing operations, and cash outflow, are at peak, while revenue recognition tends to be deferred.

For the quarter ended December 31, 2013, the Company had non-operating income of $1.5 million compared to $0.2 million for the quarter ended December 31, 2012, the result of improved performance of our investments. Net income for the quarter ended December 31, 2013 was $0.5 million, or $0.05 per basic and diluted share, compared to a net loss of $(1.0) million, or $(0.10) per basic and diluted share for the quarter ended December 31, 2012.

At December 31, 2013, the Company had $89.6 million of cash and marketable securities compared to $92.7 million at September 30, 2013. The decrease is due to the timing of expenses incurred and progress payments received on large projects. Cash Net working capital was $103.6 million at December 31, 2013. The Company had no debt outstanding at December 31, 2013.

E.J. Elliott, Gencor's Chairman, stated, "We are encouraged by our increased sales in the first quarter in spite of the weakness in the domestic highway construction industry. Our improvements in productivity and purchasing and cost containment initiatives have resulted in higher gross and operating margins. We look forward to growth from operations and we continue to evaluate opportunities to expand our existing business and increase shareholder value."

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